The following data from the just completed year are taken from the accounting records of KentonCompany:SalesDirect labor costRaw material purchasesSelling expenseAdministrative expensesManufacturing overhead applied to work in process $Actual manufacturing overhead costsInventories:975,000165,000$229,000$48,750146,250180,000$175,050Ending17,50014,75011,000BeginningRaw materials$18,000 $Work in process$20,000 $Finished goods$9,000 $1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in productionwere direct materials.2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overappliedoverhead is closed to Cost of Goods Sold.3. Prepare an income statement.%24

Name: The following data from the just completed year are taken from the ac
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Description: The following data from the just completed year are taken from the accounting records of KentonCompany:SalesDirect labor costRaw material purchasesSelling expenseAdministrative expensesManufacturing overhead applied to work in process $Actual manufa

Cost of goods manufactured : raw materials beginning+ purchases- raw materials ending+ direct labour…

Business

Accounting

The following data from the just completed year are taken from the accounting records of Kenton Company: Sales Direct labor cost $ 975,000 165,000 229,000 48,750 146,250 180,000 175,050 Raw material purchases $ Selling expense Administrative expenses Manufacturing overhead applied to work in process $ $ $ Beginning $ $ Actual manufacturing overhead costs Inventories: Ending 18,000 $ 20,000 $ 9,000 $ 17,500 14,750 11,000 Raw materials Work in process Finished goods 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. %24

The following data from the just completed year are taken from the accounting records of Kenton Company: Sales Direct labor cost $ 975,000 165,000 229,000 48,750 146,250 180,000 175,050 Raw material purchases $ Selling expense Administrative expenses Manufacturing overhead applied to work in process $ $ $ Beginning $ $ Actual manufacturing overhead costs Inventories: Ending 18,000 $ 20,000 $ 9,000 $ 17,500 14,750 11,000 Raw materials Work in process Finished goods 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. %24

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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